Pre-Tax Income and Income Taxes (Tables)

12 Months Ended

May 29, 2011

Pre-Tax Income and Income Taxes [Abstract]

Pre-tax income from continuing operations (including equity method investment earnings)

	2011		2010		2009
United States	$	1,176.5	$	1,036.9	$	868.0
Foreign		74.8		66.6		64.3
	$	1,251.3	$	1,103.5	$	932.3

Provision for income taxes from continuing operations

	2011		2010		2009
Current
Federal	$	157.3	$	259.0	$	111.8
State		21.0		27.5		15.1
Foreign		11.9		14.4		19.3
		190.2		300.9		146.2
Deferred
Federal		218.7		51.9		150.3
State		9.7		1.7		26.2
Foreign		2.4		6.4		(5.6	)
		230.8		60.0		170.9
	$	421.0	$	360.9	$	317.1

Income tax reconciliation

	2011			2010			2009
Computed U.S. Federal income taxes	$	437.7		$	386.2		$	326.4
State income taxes, net of U.S. Federal tax impact		20.0			21.0			26.7
Tax credits and domestic manufacturing deduction		(27.5	)		(27.3	)		(26.0	)
Foreign tax credits and related items, net		(0.2	)		(4.3	)		(1.2	)
IRS audit adjustments and settlements		0.5			(17.4	)		3.2
Other		(9.5	)		2.7			(12.0	)
	$	421.0		$	360.9		$	317.1

Tax effect of temporary differences and carryforwards

	2011					2010
	Assets			Liabilities		Assets			Liabilities
Property, plant and equipment	$	—		$	452.3	$	—		$	321.1
Goodwill, trademarks and other intangible assets		—			610.9		—			575.7
Accrued expenses		15.9			—		21.5			—
Compensation related liabilities		66.2			—		68.4			—
Pension and other postretirement benefits		230.9			—		309.2			—
Other liabilities that will give rise to future tax deductions		121.5			—		126.0			—
Long-term debt		—			2.9		—			7.9
Foreign tax credit carryforwards		0.2			—		4.1			—
Net operating loss carryforwards		52.1			—		46.5			—
Other		29.4			—		22.5			—
		516.2			1,066.1		598.2			904.7
Less: Valuation allowance		(50.8	)		—		(48.7	)		—
Net deferred taxes	$	465.4		$	1,066.1	$	549.5		$	904.7

Change in the unrecognized tax benefits

Beginning balance on May 30, 2010	$	53.4
Increases from positions established during prior periods		4.9
Decreases from positions established during prior periods		(2.8	)
Increases from positions established during the current period		6.3
Decreases relating to settlements with taxing authorities		(3.1	)
Reductions resulting from lapse of applicable statute of limitation		(2.2	)
Ending balance on May 29, 2011	$	56.5